US equities turned higher on February 13, 2026 after early weakness.

Index Performance and Key Drivers
On February 13, 2026, US stock indexes rebounded from early losses and moved into positive territory. The S&P 500 was up 0.18%, the Dow Jones Industrial Average rose 0.20%, and the Nasdaq 100 gained 0.23%. March E-mini S&P and March E-mini Nasdaq futures were also higher. The main support came from a rebound in semiconductors, led by a roughly 10% jump in Applied Materials after the company reported stronger-than-expected results.

US Inflation Data and the Bond Market Reaction
Equities also benefited from falling yields after the US January inflation report. Headline CPI rose 2.4% year over year, below expectations of 2.5% and marking the smallest increase in seven months. Core CPI increased 2.5% year over year, matching expectations and posting the slowest pace in about 4.75 years. Following the data, the 10-year Treasury yield fell roughly 4 basis points to around 4.06%, with an intraday low near 4.05%. Market commentary also pointed to dealer short covering ahead of quarterly refunding-related Treasury supply.

Earnings Season and Fed Rate Expectations
Fourth-quarter earnings season remained a constructive backdrop. More than two-thirds of S&P 500 companies had reported, and 76% of the 358 firms that released results beat expectations. Bloomberg Intelligence projected S&P 500 earnings growth of 8.4% year over year in Q4, which would be the tenth consecutive quarter of annual growth. Excluding the “Magnificent Seven” megacap technology stocks, Q4 earnings growth was expected at 4.6%. Markets were pricing about a 10% probability of a 25-basis-point Fed rate cut at the next policy meeting on March 17–18.

Overseas Markets and European Rates
Overseas stock markets were lower on the day. The Euro Stoxx 50 fell about 0.40%, China’s Shanghai Composite closed down 1.26%, and Japan’s Nikkei 225 ended 1.21% lower. European government bond yields moved lower as well, with Germany’s 10-year bund yield near 2.75% and the UK’s 10-year gilt yield around 4.42%. Germany’s January wholesale price index rose 0.9% month over month, the largest increase in a year. Swaps implied about a 3% chance of a 25-basis-point ECB rate cut at its March 19 policy meeting.

Notable US Stock Movers
Semiconductors and AI-infrastructure names led the advance. Applied Materials rose about 10% after posting Q1 adjusted EPS of $2.38 versus a $2.21 consensus and forecasting Q2 adjusted EPS of $2.44 to $2.84, above the $2.29 consensus. Lam Research gained more than 4%, while KLA and Arm Holdings rose more than 2%. ASML, Intel, and Marvell added more than 1%.

Crypto-exposed stocks also climbed as Bitcoin rose more than 4%. Coinbase advanced more than 14% to lead S&P 500 gainers, while Strategy, Riot Platforms, MARA Holdings, and Galaxy Digital posted strong gains as well.

Metal producers traded lower on reports that the Trump administration was working to narrow its tariffs on steel and aluminum products. Century Aluminum fell more than 6%, while Steel Dynamics, Cleveland-Cliffs, and Nucor dropped more than 2%. Alcoa and Kaiser Aluminum were also lower.

Among single-name headlines, Tri Point Homes surged after agreeing to be acquired by Sumitomo Forestry for about $4.28 billion, or $47 per share. Rivian jumped after reporting Q4 revenue of $1.29 billion versus a $1.26 billion consensus and forecasting full-year deliveries of 62,000 to 67,000 vehicles. Maplebear rose after reporting Q4 revenue of $992 million above expectations, while Dexcom gained after topping revenue estimates. Arista Networks advanced on a revenue beat and an above-consensus Q1 revenue outlook. Roku climbed after posting better-than-expected Q4 net revenue and issuing an upbeat full-year net revenue forecast. Airbnb moved higher after beating gross booking value expectations and guiding Q1 revenue above consensus.

On the downside, Pinterest sank after missing revenue expectations and issuing below-consensus Q1 guidance. DraftKings fell after forecasting full-year revenue below expectations. Ryan Specialty declined after revenue missed estimates, while Bio-Rad fell after adjusted EPS came in below consensus. Expedia dropped despite better-than-expected earnings after Bloomberg Intelligence flagged AI as a long-term risk for the broader online travel industry. Norwegian Cruise Line fell after CEO Harry Sommer stepped down immediately and was replaced by John Chidsey.